From January to November 2012 SOCAR's Marketing and Economic Operations Department exported 18,552,199 tons of crude oil from the Turkish port Ceyhan in the Mediterranean Sea via the Baku-Tbilisi-Ceyhan (BTC) oil pipeline, down 13.1% against the same period in 2011, reported SOCAR press office.
The figures of the Department include the oil belonging to SOCAR as well as Azerbaijan's share in the production sharing agreements (PSA).
This means that Azerbaijan's incomes from crude oil export are going down. For the first time since 1997 the country's profit from the oil export will go down. Before that oil export brought more incomes to Azerbaijan year after year.
* Azerbaijan sold its first oil consignment from Novorossiysk port, which belonged to SOCAR, on December 25, 1997.
** During 2011 the State Oil Fund of Azerbaijan (SOFAR) got about $19.25 billion from the crude oil sales. During 9 months, 2012 this index totaled $12.1 billion.-0--
Economics
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The State Statistics Committee of Azerbaijan reported that in 2024 investments in fixed assets reached 21,435.1 million manats, which is 0.7% less than in 2023. While overall figures edged lower, the sectoral breakdown reveals notable disparities between the oil and gas sphere and non-oil industries.
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Azerbaijan’s industrial enterprises and individual entrepreneurs reported a modest 1.1% year-on-year increase in industrial production during 2024, reaching an output valued at 64.1 billion manat. The State Statistics Committee attributed the overall growth to a 0.5% expansion in the oil and gas sector, while non-oil and gas industries surged by 7.3%.
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Global diesel prices and refining margins have spiked following the latest U.S. sanctions targeting Russian oil trade, as markets brace for reduced supply, analysts and LSEG data indicate.
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Azerbaijani President Ilham Aliyev hosted Georgian Prime Minister Irakli Kobakhidze on Friday for high-level talks aimed at further developing the strategic partnership between the two neighboring countries in the South Caucasus.
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